Tripp Levy PLLC Announces That a Lawsuit Has Been Filed on Behalf of Tangoe, Inc. Shareholders
NEW YORK, March 4, 2013 /PRNewswire/ -- Tripp Levy PLLC announces that a class action has been commenced in the United States District Court for the District of Connecticut on behalf of purchasers of Tangoe, Inc. common stock ("Tangoe") (NASDAQ: TNGO) during the class period December 20, 2011 through September 5, 2012, inclusive (the "Class Period").
Tangoe develops and markets computer software to help companies manage and control their fixed and mobile communications assets and costs. The Complaint charges Tangoe and certain of its officers and defendants with violations of the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business prospects. Specifically, defendants overstated Tangoe's organic growth rate by underreporting the revenue it derived from recent acquisitions. According to the Complaint, following an August 28, 2012 report by thestreetsweeper.org that described the Company as having a "risky acquisition driven growth strategy," and a September 6, 2012 report by Copperfield Research that concluded that the Company had materially misrepresented its organic growth rate, the value of Tangoe shares declined a combined $4.12 per share, or approximately 20.5%, to close at $15.97 per share on September 6, 2012.
If you wish to serve as a lead plaintiff in this action, you must move the Court no later than April 29, 2013. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, you may, without obligation or cost to you, email or call using the following contact information. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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Tripp Levy PLLC specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.
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